Insurers target FG’s N350bn capital projects

Operators in the insurance industry are seeking to insure the N350bn capital projects that the Federal Government plans to undertake in the 2017 budget.

The President, Nigerian Council of Registered Insurance Brokers, Mr. Kayode Okunoren, who said this, noted that with the signing of the budget by Acting President Yemi Osinbajo and the consequent promise of the government to release the amount for capital projects, the nation could successfully get out of economic recession.

He said, “The fact that the funds will be substantially spent on capital projects is commedable. In the light of this, the NCRIB is advocating that the expenditure should be closely monitored to ensure it is diligently prosecuted.

“It is our hope that the insurance industry will also take advantage of this expenditure to canvass for insurance of those assets as obtainable in other climes.”

Okunoren commended Osinbajo for signing the N7.44tn budget to end several months of speculations over the status of the document.

He urged the Federal Government to always ensure early preparation of national budgets so as to forestall the mistakes of the past.

He said it was disheartening to note that a budget of 12 months got the ascent of the Acting President for implementation in the half of the year the budget was meant to serve.

“I want to appeal to our government to always put into consideration the plight of the common man and make constant efforts in removing all bottlenecks/bureaucratic restraints to ensure prompt signing of budgets into law,” he said.

He said that the aim of the council’s corporate visibility project to create public awareness for insurance brokering business had started to yield results.

“It is our aim to make insurance brokering a household name through many adopted means of awareness creation,” he said.

In line with the desire of the council to continually give international exposure to its members, he said that the NCRIB had been invited to attend the yearly international trip and business summit, slated for San Antonio, Texas, United States of America.

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